The Nottingham presents annual financial results for 2020

Jake Carter

March 9, 2021

data snapshot

The Nottingham revealed that gross mortgage lending was up 40% to over £490m in 2020, according to their latest financial results.

Also included within its financial highlights of last year was its total assets reaching £3.8bn.

As well as this, the society welcomed over 40,000 new customers last year.

Arrears levels remained low at 0.21%, a quarter of the industry average of 0.83%.

The society says it invested millions of pounds into supporting its members through the pandemic and achieved a customer Net Promoter Score (NPS) of 76%.

David Marlow, chief executive of The Nottingham, said: “2020 was not the year we were expecting, but once we understood the significance of the threat of the virus, we acted quickly on our three key priorities.

“To ensure the wellbeing of our colleagues; to protect and serve our members; and to support our communities.

“In everything we have done in 2020, we have sought to be true to our mutual ethos. In fact, the challenges of the pandemic have enabled us to demonstrate the real benefits of mutuality to our members.

“Over the years, we have built up a significant capital surplus and the board was unanimous that we should deploy some of this capital to support our members and communities in a time of crisis.

“At the same time, we were determined to increase the level of investment in the society, deliver the required strategic initiatives and respond effectively to the rapidly changing world around us.

“These decisions have inevitably impacted our 2020 financial results by reducing overall income and suppressing net interest margin.

“Increased investment costs are also taken into consideration but these actions position us well for the future.”

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